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and then could be bush versus clinton again. >> governor, thank you very much. appreciate your time. >> honor to be with you. >> right now it's time for "squawk on the street." ♪ >> good tuesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, jim cramer and david faber. we're live from post 9 at the new york stock exchange. a vacuum here in terms of u.s. economic data. none on top today. we're looking at a flat open across the board. as for europe, movement there. the buyback of greek debt will in fact work. we're seeing just fractions of a percent in terms of changes there. our road map this morning starts with the latest in the fiscal cliff negotiations. the white house promptly rebuffs the gop counterproposal which calls for $800 billion in new tax revenue but without tax rate increases for the wealthy. could this tax issue deadlock the talks? >>> bank of america ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and
and then could be bush versus clinton again. >> governor, thank you very much. appreciate your time. >> honor to be with you. >> right now it's time for "squawk on the street." ♪ >> good tuesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, jim cramer and david faber. we're live from post 9 at the new york stock exchange. a vacuum here in terms of u.s. economic data. none on top today. we're looking at a flat...
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>> it's not just the clinton tax rates. we had a pretty good economy under bill clinton. >> different spending rates, too, back then, governor. >> well, that's right. it's also cuts in defense which we haven't had in 30 years and a cut in human services, which i'd rather not do, but i think everybody needs to something on the table to get what we need to get. it's the best deal for the country. we'll have a recession. the cbo thinks and i agree with this, we'll have 1.3% negative growth for two quarters and we'll go back with a slightly less than 2% growth rate for the entire. we're not going to get out of this without pain. anybody when thinks we'll get through the deficit problem without having to do some sacrificing is wrong. what this does in my view as a democrat is it distributes the burden of the pain fairly, that is, we go back to the clinton tax rates for everybody, not just for rich folks. and we had a good economy under bill clinton. we go back -- we get -- cuts in defense spending which we know is higher than it
>> it's not just the clinton tax rates. we had a pretty good economy under bill clinton. >> different spending rates, too, back then, governor. >> well, that's right. it's also cuts in defense which we haven't had in 30 years and a cut in human services, which i'd rather not do, but i think everybody needs to something on the table to get what we need to get. it's the best deal for the country. we'll have a recession. the cbo thinks and i agree with this, we'll have 1.3%...
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absolutely and this is extremely dangerous and i think this is probably one of the reasons that secretary clinton agreed to meet with the russian foreign minister and rahim my, the u.n. ambassador for the syrian issue and the syrian dossier. if the regime uses chemical weapons or any weapons of mass destruction, the regime in syria, that is definitely an indication that it is a last act of desperation. melissa: yeah. >> i'm sure that the international community will try to prevent that in any way, shape or form. the syrian, the russian president, putin, a couple of days ago when he was in turkey, he gave some signals that the chem cap -- chemical weapons in syria are secure. we need to sit down with the russians to see if they have any guaranties to the security of these weapons. >>you talked about how the international community could do to prevent it. there are weapons weapons and there is money. what could we do at this point to try to stop this from happening? >> well i think, you know, the regime of syria has these weapons and i'm not sure they're going to sell them or if we put money on the
absolutely and this is extremely dangerous and i think this is probably one of the reasons that secretary clinton agreed to meet with the russian foreign minister and rahim my, the u.n. ambassador for the syrian issue and the syrian dossier. if the regime uses chemical weapons or any weapons of mass destruction, the regime in syria, that is definitely an indication that it is a last act of desperation. melissa: yeah. >> i'm sure that the international community will try to prevent that in...
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Dec 10, 2012
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the real core of what clinton had was they cut spending. their percentage of spending to gdp was so much less, and that's where they got out of it. that agreement in '97 cut taxes and cut spending, which spurred growth. and we need a pro-growth economy. that's how we're going to get out of this mess. what we're talking about today, of just raising the taxes, does not solve the problem. i don't see it passing the house. now, republicans have not sat back. we've put revenue on the table. but the president has always said it has to be a balanced approach. >> if you can choose, if you could choose, what's -- i mean we've heard -- we've heard from their side, from the other side, and i'm talking about from your viewpoint, secretary geithner. >> yes. >> has said, we -- if we don't get the 2% -- if we don't get the rise on rates on the 2% we'll go over the fiscal cliff. in your view would it be better to go over the fiscal cliff than to get the back to the clinton rates on the high end? >> i think the best thing we don't go over the fiscal cliff.
the real core of what clinton had was they cut spending. their percentage of spending to gdp was so much less, and that's where they got out of it. that agreement in '97 cut taxes and cut spending, which spurred growth. and we need a pro-growth economy. that's how we're going to get out of this mess. what we're talking about today, of just raising the taxes, does not solve the problem. i don't see it passing the house. now, republicans have not sat back. we've put revenue on the table. but the...
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Dec 10, 2012
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we always talk about the 1993 income tax of president clinton, and the top tax rate was 39.6%. threshold, $250 thud. so flash forward from 1993 to present, okay. well let me tell you something, there is this little thing called inflation. i know this might be nitpicking. but $250,000 today well, started out if you want to be apples to apples would be about $165,000 then. in other words, we are not adjusting even for inflation. so, if we're talking about $250,000 today being the same as then, we're wrong. it would be $165,000. so the point is, is that the difference between these two is $85,000. okay? is a 35% miss when it comes to being honest about it. oh, even worse let's take this. how many times, of course you've heard a million times, taxes on million favors and billionaires, even though, and i know this is adjusted, okay, but let's just keep it $250,000. well, 250 grand isn't a million. so it's off by 750-k over 1 million. okay? so, in essence, what we're doing is we're off on this one by 75%. we're off by 35% and 75%. so why am i doing this? because i'll tell you what, m
we always talk about the 1993 income tax of president clinton, and the top tax rate was 39.6%. threshold, $250 thud. so flash forward from 1993 to present, okay. well let me tell you something, there is this little thing called inflation. i know this might be nitpicking. but $250,000 today well, started out if you want to be apples to apples would be about $165,000 then. in other words, we are not adjusting even for inflation. so, if we're talking about $250,000 today being the same as then,...
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Dec 5, 2012
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to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceiling at all, which is that ludicrous proposal that was in the president's plan. that's not -- and would you really want that? woul
to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last...
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Dec 6, 2012
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it's former president bill clinton. he's nominated for his book "back to work." my colleague and friend, rachel maddow was nominated for her book "drift." incredible. but i'm disappointed. there's some serious snubs this year. i mean, how did this fellow performer not make the list. ♪ >> that deserved something. and mitt romney's tough year just got tougher. look at this snub. ♪ o beautiful for spacious skies for amber waves of grain ♪ ♪ for purple mountains majesty, above the fruited plain ♪ >> and perhaps the biggest snub of all, not justin bieber. i'm talking about this one. ♪ i am so in love with you >> and he's at it again tonight. after lighting the national christmas tree, he had some
it's former president bill clinton. he's nominated for his book "back to work." my colleague and friend, rachel maddow was nominated for her book "drift." incredible. but i'm disappointed. there's some serious snubs this year. i mean, how did this fellow performer not make the list. ♪ >> that deserved something. and mitt romney's tough year just got tougher. look at this snub. ♪ o beautiful for spacious skies for amber waves of grain ♪ ♪ for purple mountains...
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. >> in 1994 clinton awarded him the national medal of the arts. >> i'll never forget in high school as a musician i could actually play the saxophone lead in "take 5." >> reporter: in 2009 the kennedy center honored his six decades. >> rhythm is an international thing. >> rhythm is an international language. >> reporter: dave brubeck spoke it fluidly. anthony mason, cbs news, new york. >>> coming up after your local news on "cbs morning news," an update on the growing crisis in syria. we'll get reaction from secretary of state hillary clinton who's holding talks. >> plus a groundbreaking way to treat alzheimer's disease with a brain pacemaker. >>> and the latest problems for the boeing 787 dream maker. we'll hear from peter later. >>> that is the morning news for this thursday. as always i appreciate your watching. i'm terrell brown in new york city. thank you, everybody. have a great day. -- captions by vitac -- www.vitac.com decemb >> your realtime captioner: linda marie macdonald >>> hi, everyone. good morning. it's thursday, december 6. good to have you with us. i'm frank mallic
. >> in 1994 clinton awarded him the national medal of the arts. >> i'll never forget in high school as a musician i could actually play the saxophone lead in "take 5." >> reporter: in 2009 the kennedy center honored his six decades. >> rhythm is an international thing. >> rhythm is an international language. >> reporter: dave brubeck spoke it fluidly. anthony mason, cbs news, new york. >>> coming up after your local news on "cbs...
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Dec 5, 2012
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look at the clinton years versus the bush years that came after and see that difference. >> rana, always great to have you here. chris thank you as well. >> thank you. >>> yet another sign that washington can't work together, though, a u.n. treaty that would globally ban discrimination against people with disabilities came up for a vote in the senate yesterday and it failed, even though it was modeled on u.s. law, the americans with disabilities act, and that's in spite of it already being ratified by 126 other countries and in spite of the support of former republican senator bob dole who made this rare appearance on the senate floor in a wheelchair. senator's john mccain and john kerry made an emotional plea for the senate to work together. >> he's here because he wants to know that when a disabled american veteran, our wounded warriors travel overseas that they're treated with the same dignity and respect. >> to bob it's unthinkable that americans could not get over a curb or enter a school building or even watch a debate in this chamber if they were in a wheelchair. >> the treaty fel
look at the clinton years versus the bush years that came after and see that difference. >> rana, always great to have you here. chris thank you as well. >> thank you. >>> yet another sign that washington can't work together, though, a u.n. treaty that would globally ban discrimination against people with disabilities came up for a vote in the senate yesterday and it failed, even though it was modeled on u.s. law, the americans with disabilities act, and that's in spite of...
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the white house position is that they must go back to clinton rates for top earners. that is nearly 40% on amounts of more than $250,000 a year. republicans have put $800 billion of unspecified tax revenue on the table but they're saying no to a tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will this willingness to compromise materialize??3 now republicans and democrats say there are no major meetings planned, no summit for democrats and republicans yet to get together and talk on this. the white house says they imagine that there is some e-mail traffic going back and forth but they refuse to tell us when and where they plan on negotiating this. back to you. ashley: i bet the language in the e-mail is pretty interesting too. >> right. ashley: rich edson, thanks so much. tracy: well more companies are accelerating their dividend payments. so we heard from campbell's soup
the white house position is that they must go back to clinton rates for top earners. that is nearly 40% on amounts of more than $250,000 a year. republicans have put $800 billion of unspecified tax revenue on the table but they're saying no to a tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will...
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i don't think that raising -- putting the tax rates back to the clinton level -- clinton era level is going to harm the economy. but if you could not raise taxes and you could make it up another way, i do think that's the better way to go. and, you know, i think the president is now appealing a little bit to the base on insisting on it has to be the tax rates, when he should be open to -- and maybe he will be -- this could just be a negotiating tactic, he should be open to the idea of closing loopholes eliminating deductions and making up the revenue in another way. stuart: i was right. >> you're very sensitive to drifting. stuart: i have never been described as sensitive before, but i do appreciate the compliment. i hope you will come again. will you? >> absolutely. >> stuart: thank you very much. we appreciate it. >> thank you. stuart: the california teachers union has sunk, and i'm going to say to a new low. a cartoon video about taxes and the rich, and it shows a rich person urinating on poor people. more on that next with mike reagan. stuart: president obama will not budge on rai
i don't think that raising -- putting the tax rates back to the clinton level -- clinton era level is going to harm the economy. but if you could not raise taxes and you could make it up another way, i do think that's the better way to go. and, you know, i think the president is now appealing a little bit to the base on insisting on it has to be the tax rates, when he should be open to -- and maybe he will be -- this could just be a negotiating tactic, he should be open to the idea of closing...
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and what clinton could do in the future, i don't know. i don't know why obama is so insistent on higher tax rates except it fits his rhetoric. stuart: at the end of the day, i think that the republicans will actually submit on the issue of higher tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic performance of 2013 and come 2014, you can actually get a political change that might make a difference. stuart: we'll wait and see on that one. art laffer, always a pleasure. >> bye now. stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion doll
and what clinton could do in the future, i don't know. i don't know why obama is so insistent on higher tax rates except it fits his rhetoric. stuart: at the end of the day, i think that the republicans will actually submit on the issue of higher tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000...
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secretary of state hillary clinton meets russian diplomates and syria, chemical weapons, they will be discussed. and now to egypt. five people dead after huge protests in the streets of cairo and hurled rocks, fire bombs to protest morsi's seizure of near unrestricted powers and rush-through adoption of the quickly drafted constitution by the muslim brotherhood. five dead. just last night. four more of morsi's advisors have resigned. they blamed him for the violence. s very interesting. to nicole, safeway, is this the latest company to issue an early dividend, is that right? >> another day, another huge company beating up the dividend payout to beat the fiscal cliff and the higher tax rates on dividends, so, join safeway to over 170 companies, that's the latest number we've got from the wall street journal, but i bet you it's even higher than that, so they join wal-mart and weight watchers and ethan allen just to name a few. >> i should be keeping track, it was 173 a couple of days ago, i've got to believe it's pushing 200 by now. i'll he get a number. >> yeah. imus: thank you very mu
secretary of state hillary clinton meets russian diplomates and syria, chemical weapons, they will be discussed. and now to egypt. five people dead after huge protests in the streets of cairo and hurled rocks, fire bombs to protest morsi's seizure of near unrestricted powers and rush-through adoption of the quickly drafted constitution by the muslim brotherhood. five dead. just last night. four more of morsi's advisors have resigned. they blamed him for the violence. s very interesting. to...